MMF, který můžeme mít rádi?

CAMBRIDGE – Pro Mezinárodní měnový fond znamená krize obrovskou změnu. Ještě před několika měsíci se tato důležitá, ale nemilovaná instituce, tento milník poválečného globálního ekonomického uspořádání zdál odsouzen k bezvýznamnosti.

MMF byl dlouho fackovacím panákem pro levici i pro pravici – pro levici kvůli svému důrazu na fiskální spořádanost a hospodářskou ortodoxnost a pro pravici kvůli své roli při zachraňování zadlužených států. Rozvojové země záštiplně přijímaly jeho rady, zatímco země rozvinuté, které peníze nepotřebovaly, ho ignorovaly. Ve světě, kde zdroje fondu vypadají v porovnání s objemem soukromých kapitálových toků jako kapka v moři, se MMF začal jevit jako přežitek.

A když si někteří z největších dlužníků MMF (Brazílie a Argentina) začali před několika lety předplácet vlastní dluhy a noví vypůjčovatelé nebyli v dohledu, vše nasvědčovalo tomu, že do rakve fondu byl zatlučen poslední hřebík. Zdálo se, že MMF je kromě ztráty důvodu k existenci odsouzen i k vyschnutí příjmů. Snížil svůj rozpočet, začal se zeštíhlovat, a přestože mezitím získal některé nové pravomoci – zejména dohled nad „měnovými manipulacemi“ –, jeho úvahy se ukázaly jako převážně irelevantní.

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